9911796707
TMI Blog1997 (5) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... ssued by the Central Board of Direct Taxes (the CBDT) and the actions taken in pursuance thereof. The Central Board of Direct Taxes issued Circular No. 684, dated June 10, 1994, to explain the substance of the newly inserted provisions of section 44AD Of the Income-tax Act, 1961 (for short "the Act" hereinafter). The circular has been published. In paras. Nos. 31 to 31.7 at page 29, the meaning of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r regular assessment under section 143(3). 32.2 The estimated income is comprehensive. All deductions under sections 30 to 38 including depreciation, will be deemed to have been already allowed and no further deduction will be allowed under these sections. The written down value will be calculated, where necessary, as if depreciation as applicable has been allowed. In the case of firms, the norma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deductions to the extent allowed under clause (b) of section 40 will be allowed." Taking recourse to the circular dated February 23, 1996, the income-tax authorities have reopened the assessments against the petitioner and in some of the matters, have issued fresh assessment orders. By the Finance Act, 1997, a proviso to sub-section (2) of section 44AD has been added giving retrospective operati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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